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Australian property prices record slowest quarterly rise since June 2016

Property prices edged 0.2% higher across Australia in September, led by a 0.3% rise in capital cities and a 0.1% gain across the combined regional markets, the latest index shows.

The latest figures take national home prices 0.5% higher over the third quarter, which is the slowest rate of quarter on quarter growth since Q2 2016, while national values are up 8% over the past 12 months.

Month on month prices fell by 0.1% in Sydney but are still up by 10.5% compared to September 2016 and fell 0.7% in Darwin where they are 4.7% down year on year, according to the CoreLogic data.

According to CoreLogic head of research Tim Lawless, the combined capital city trend growth rate is clearly losing steam with dwelling values rising by 0.7% over Q3 and well down from the recent peak rate of quarter on quarter growth which was recorded at 3.5% during Q4 2016.

“This slowing in the combined capitals growth trend is heavily influenced by conditions across the Sydney market where capital gains have stalled,” said Lawless.

He added that affordability challenges facing Sydney buyers within the detached housing sector was pushing more demand towards apartments, which are typically $290,000 (£170,000) cheaper than houses.

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